Hernández de Cos on ECB policy, crises responses and Basel reform

You took on your role as Bank of Spain governor and member of the European Central Bank’s governing council in 2018 – but you had previously attended council meetings and served as adviser to the executive board. During your career, what would you highlight as the most important transformations that have taken place?

I’ve spent all my life in central banking, at the Bank of Spain or at the European Central Bank. What I’ve seen over the past two decades is a structural transformation both of the